ARLINGTON, Va.—New research indicates that mobile banking transactions will more than double by 2022, as branch visits will likely fall to as little as just four visits each year for the average consumer.
An important finding from the research, published by CACI, reveals that customer interactions with their bank will increase by 54% in the next five years–largely driven by the continued rise of mobile banking, noted IBS Intelligence in its analysis.
“Banking app transactions will increase by 121%, meaning that log-ins, balance checks and payments will more than double. Interactions made using a laptop or desktop, claims the report, will decrease by 63% between 2017 and 2022, as more and more consumers switch to smartphones to carry out transactions. This means that mobile banking, as it has so far, will continue to dominate the agenda for banks and financial institutions with customers across all demographics going digital,” IBS Intelligence said.
The report also shows that those aged 18-24 will visit their financial institution around six times this year, dipping to two visits annually by 2022. The report claims here will be five times more elderly, low-income customers using mobile banking in 2022 than in 2017, and consumers aged 50 plus will account for almost a third of all mobile banking log-ins in 2022, IBS Intelligence said.
“This highlights the ongoing trend not only of mobile banking, but of older generations embracing the technology available to make handling their finances simpler,” IBS Intelligence said.